3 min readDOLLAR VS JAPANESE YEN (USD/JPY)
On the daily timeframe, USDJPY seems to have found short-term support around the key psychological level of $140.00. The price dropped sharply into this support shortly after the “Black Monday” event a few weeks ago and has been fluctuating within this range since then.
Looking deeper into the current price action, the RSI clearly indicated strong signs of the market being oversold during the “Black Monday” selloff. Currently, we seem to be holding in the $140.00 – $141.00 range. I’ll be closely watching to see if the price can pull back towards the daily 50 EMA and the key 50% Fibonacci retracement level. This 50% level also aligns with the key psychological level of $150.00, making these areas significant if we start to see a rebound and trade higher.
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